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To: ms.smartest.person who wrote (2213)	3/9/2007 6:23:15 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

Golden Goose Resources reports gold find at property near Wawa, Ont. ROSS MAROWITS MONTREAL (CP) - It may not be the Klondike, but rising gold prices have given Golden Goose Resources Inc. (TSXV:GGR) the financial resources to strike a potentially sizable gold deposit at its Magino property in northern Ontario. "It's very exciting. It's a very big day for the company," CEO Jean-Marc Lacoste said in an interview from the property near Wawa, Ont. The find is about 400 metres below the surface and sits in a vein between massive sulphide and exhalite formations. The discovery was made a week-and-a-half ago when the fourth of an anticipated 20 to 30 holes was drilled. Additional holes will be drilled in the coming weeks to establish the size of the find. "If we make another hit on that zone in three weeks from now, then it could be seen as a Klondike for us because then we know that if that zone appears at two or three places it's high grade all along that zone." The Magino property, about 280 kilometres north of Sault Ste. Marie, Ont., is more than 15 square kilometres. Lacoste said previous exploration has identified 500,000 ounces of gold between the surface and a depth of 200 metres and the latest discovery could add another 500,000 ounces, but in a more high-grade, condensed form that mining companies crave. "We know that if that zone extends for 50 or 150 metres, that's going to be a discovery in itself. That's going to have a lot of potential for the future," said Lacoste, who owns nearly five per cent of the company's 39 million shares. A small fraction of the property has been explored since the mid 1980s. It was even mined of near-surface material for a couple of years. But those efforts ceased when gold prices hovered around US$300 an ounce. Montreal-based Golden Goose's exploration efforts restarted in January 2006 after gold prices rose to about US$650. "The fact that it doubled in the last two years has got everybody excited and we raised money and we used that money to drill, so we can make new discoveries," said Lacoste, who said the company has spent $2.6 million in the past year or so. Analyst Kerry Smith said higher gold prices have enabled exploration companies like Golden Goose to raise about $1 billion in funds through capital markets. "But so far there hasn't been much tangible evidence of new discoveries that have come out of that work," Smith of Haywood Securities in Toronto said in an interview. Although a find of one million ounces is relatively small, it could be feasible because of decent infrastructure and labour availability in Wawa, said Smith, who doesn't cover Golden Goose. "If it was one million ounces in the middle of a jungle somewhere in the middle of Africa, I would say forget it unless it was really high grade," he said. "But in an area like Wawa, you have infrastructure. You've got a lot of things that help you reduce your capital costs and operating costs." Golden Goose shares surged by more than 15 per cent Friday morning before closing up nearly seven per cent or four cents to 67 cents on the TSX Venture Exchange after a trading halt. Quote: finance.yahoo.com; © The Canadian Press , 2007